The landowners are seeking a compensation package worth over $100 million.
FNT is not a dead horse yet. The latest report was a press release and the informant to the press may or may not have been speaking with any authority or knowledge. FNT is a risky spec and always has been. Until a licence is granted it will remain so. Politics in PNG is an ????? ( can't work how to describe it, so that in itself describes it.) Members of my family have a long association there and they say they would not be surprised at any thing that could happen. I haven't written it off yet.Yeah this is too risky for me. Sold at a loss. I doubt they'll produce anything for a long time, and I have seen the wallowing share prices of too many other companies more advanced than this, with huge resource, but no production in the short or medium term..
..or is this some crafty bugger spreading mis-information to spook holders and pick up stock at lower price; there was some serious buying yesterday.
anyone have any further updates on this one, last statement seemed positive news?????has gone a bit quiet of late.
I liked the announcement but how much better it would have been without the bit about 400 metres from the kokoda track.See announcemeny out today:
ADDITIONAL HIGH GRADE GOLD DRILLED AT KOMSEM GOLD PROSPECT
ANDEWA PROJECT, PAPUA NEW GUINEA
Frontier Resources Ltd is pleased to announce that hole AFD010 targeted and confirmed the
continuity of higher gold grades at a moderate depth (approx. 85m vertically) in the main
mineralised structure with 3.0m of 10.97g/t gold at the Komsen Prospect, New Britain
Province, Papua New Guinea. Komsen is located about 400 km from the Kokoda Track.
Once approvals for Kodu are gained, surely the New Guineans wont be silly enough to knock back this project, then FNT should have a lot more SP support.
Oops read it in a hurry 400km that is a lot better. My wife keeps telling me I need reading glasses. Time I stopped trading these and hold on to some.That's 400km! The news is good and if you can read it helps justify a SP based on not just one project, plenty of irons in the fire.
Announcement out. Sounds a very reasonable compromise. F.F. Sake can we just get on with developing Kodu now PLEASE !!!
2nd April 2008
ASX Limited
Company Announcements Office
Announcement
FRONTIER PROPOSES TO RELINQUISH THE KOKODA TRACK FROM EL1348
WITHOUT SIGNIFICANTLY AFFECTING THE KODU DEPOSIT
Frontier Resources Ltd is pleased to announce that it has proposed a highly significant
compromise to the Hon Dr Puka Temu MP (Deputy Prime Minister and Minister for Mining in
Papua New Guinea) in relation to the ongoing renewal issue of EL 1348.
The Company has proposed to relinquish an additional approximately 15km of World War II
Kokoda Track that remains in the exploration license (which is all the Track within the license
area, except for a 250m section for future road access), when EL 1348 is renewed.
The original license area granted to Frontier in August 2004 included about 40km (or 40%) of
the Kokoda Track. The Company has already reduced this area in good faith and is again
willing to voluntary reduce the area to 250m (1/4 of 1 % of the Track). The proposed
relinquishment has been surveyed so there is no significant detriment to the possible
development of the Kodu Deposit, but it allows for a large and cohesive area to be established
as a ‘Kokoda Track Park’.
Tourism, exploration, mining and the advancement of our landowner partners can and should
exist in a symbiotic relationship, sharing the vast advantages of this area.
Frontier Resources aims to develop the Kodu copper- gold –molybdenum Deposit with our
landowner and stakeholder partners in a socially and environmentally responsible manner
utilising ‘world’s best practice’ for the benefit of all stakeholders.
See figure 1 showing EL 1348 before and after the proposed area reduction, figure 2 showing
a close up of the area proposed to be relinquished near the Kodu Deposit and figure 3 showing
the Brown River catchment and other affected ELs and ELAs.
For additional information relating to the Company and its projects please visit our website at
www.frontierresources.com.au or feel free contact me.
FRONTIER RESOURCES LTD
P.A.McNeil, M.Sc.
MANAGING DIRECTOR
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